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Strapping Materials Market size is poised to witness steady growth between 2023 and 2032, driven by the fast-growing e-commerce and logistics operations across the globe. The rising preference for recyclability of plastic materials has stirred the higher need for sustainable packaging substitutes across various industrial verticals. The growing demand for textile goods, household appliances, medical devices, pharmaceutical products, and consumer electronics is also likely to complement the industry outlook.
Higher prices and inefficiency of materials to combat rain, frost, or moisture, along with the increased scope of recycling abilities will stymie the strapping materials market growth. However, the rising consumer awareness regarding environmentally friendly and sustainable packaging will fuel the market development.
Due to the deployment of statewide lockdowns and the incorporation of trade barriers in response to the COVID-19 crisis, the market demand for strapping materials saw a dramatic decrease. This resulted in the suspension of production and distribution activities in a wide range of businesses, including industrial logistics and consumer electronics. The shortage of labor and raw materials also resulted in plummeting building and construction activities, adding to a detrimental influence on market development.
On the basis of materials, the steel strapping materials market share will garner considerable gains through 2032, owing to an increasing preference for heavy-duty applications. This type of strapping is one of the oldest as well as most heavy-duty material options. The Association of American Railroads requires steel strapping for rail transport where the load is not confined within a container as it works well in heavy-duty settings. The rising popularity of steel strapping in common applications, including heavy manufacturing and industrial equipment, construction and building materials, and steel coils will impact the industry expansion.
Based on application, the industrial logistics and warehouse segment share is projected to garner significant momentum through 2032. Industrial logistics and warehousing have huge development potential in industrialized economies, such as the U.K. and Germany. Germany is one of Europe's major logistical centers, providing logistics services to around 500 million European citizens considering its strategic location. The shift from steel strapping to plastics in logistics management for bundled building materials and primary packaging containers, such as beverage bottles and cans will support industry growth.
Asia Pacific strapping materials market is expected to grow significantly through 2032, owing to factors such as rapid industrial and infrastructural development. The effective usage of steel in the regional construction industry is greatly enhancing the popularity of steel strapping. The increasing need for UV resistance, high break strength, exceptional durability, and the ability to handle enormous weights are other factors bolstering the regional demand.
The influx of regional government investments in various infrastructure projects is also forecast to favor product adoption. According to India Brand Equity Foundation (IBEF), in the union budget of 2022-23, the Indian government allocated over USD 130.5 billion to enhance the infrastructure sector. This trend will lead to significant developments in the APAC for the strapping material industry.
Milan Ligocki UNI PACK, Crawford Packaging, Titan Umreifungstechnik GmbH & Co. KG, Signode Packaging Systems Corporation, Plastofine Industries, Polychem Corporation, Dynaric, Martin Packaging, Mosca GmbH, StraPack, Inc. (Strapack Corporation), Cyklop International, Signor Polymers, and Panorama Packaging form the competitive landscape of the global strapping materials market. In a nod to meet the constantly evolving packaging industry, these companies are making hefty investments in R&D activities. To keep up with the competition, these players are improving their current offerings and launching innovative products.
The recent Ukraine-Russia war hampered the global economic recovery from the COVID-19 pandemic. Moreover, technological advancements, including the introduction of automatic strapping machines are offering lucrative growth opportunities to industry investors and end-users. Additionally, the growing reliance on online retail outlets is positively impacting industry trends.